Thailand’s mu Space is adding a smart tracker to its Internet of Things (IoT) product lineup.

At the international conference Pacific Telecommunications Council (PTC), mu Space CEO and founder James Yenbamroong revealed that his Thailand-based company is now working on the product’s design and functionality.

“IoT is one of mu Space’s focus areas. We’re diversifying our product offering to tap into the opportunities provided by this growing market,” James said.

According to mu Space’s CEO, the company is developing a small-sized and sleek smart tracker that can provide a more accurate real-time location of things and assets. The device, James said, can be used to track the whereabouts of a person, to locate lost valuables or for industrial purposes such as the monitoring of cargo movement.

“The smart tracker we’ll develop is very discreet that people won’t know it’s a tracker by looking at it. You just stick it to a bag, wallet or vehicle, and you can easily locate things by using the smart tracker’s mobile phone application,” he added.

Aside from the smart tracker, James also hinted on other future products that mu Space is planning to develop: “Included in our lineup are autonomous sensor systems and several IoT devices used in smart homes, smart cars and smart farms.”

According to the International Data Center’s latest market research on IoT, the worldwide spending on IoT will increase from U.S.$646 billion in 2018 to U.S.$745 billion this year. Consumer IoT spending, as stated in the research, will reach U.S.$108 billion in 2019, making it the second largest industry segment. The leading consumer use cases will be related to smart home, personal wellness, and connected vehicle infotainment.

“More and more devices are becoming smart and connected, and Asia-Pacific is poised to become one of the world’s biggest IoT spenders due to the lower IoT take-up in the past. Consumers and companies are beginning to adopt IoT technology as they’re starting to understand its value in automating systems and in simplifying our complex world,” James said.

Founded in 2017, mu Space develops space and satellite communication technologies to accelerate the adoption of IoT devices and smart cities. In 2018, it started developing the design of its own smart apparel that has a temperature control system and that automatically collects historical health data.

“We’re on it,” informed James. “We’re now doing design research and testing on the smart apparel to make sure it’s safe, reliable and accurate.”